Hi all,
I'm just about to sign the contact for the apartment. I'm working in private sector and I'm fortunate enough to maintain my work and fully pay in the last few months.
It's very hard to predict the future but taking worst case scenario my hours may be reduced etc...
I heard sores about people which sign the contracts and either they lost their jobs or had less hours which resulted in mortgage blockage.
My solicitor is very good and she implemented contract clause on very beginning.
I would like a second opinion if the what we have is sufficient that in case my hours are reduced and bank refuses to give the money I will be able to get deposit back ?
I fully understand that I personally can not break the contract for a reason
.Thanks in advance for help
"
The Purchase has obtained a Loan Approval from "Bank name" to enable him to purchase the property. If the loan approval is conditional on a survey satisfactory to the lending institution or a Mortgage Protection or a Life Insurance Policy being taken out or the lending institution being satisfied at any time prior to draw down of the loan that its valuation of the property has not changed since the date of loan approval or some other condition, compliance with which is not within the control of the purchaser, the loan shall not be deemed to be approved until the purchaser is in a position to accept and draw down the loan on terms which are within his reasonable power or procurement. Further, if the Lending Institution raise Requisitions or impose conditions, compliance with which
is not within the control of the Purchaser or his Solicitor, the Purchaser shall be entitled to rescind his Contract and shall be entitled to a refund of their deposit without interest, cost or compensation.
"
I'm just about to sign the contact for the apartment. I'm working in private sector and I'm fortunate enough to maintain my work and fully pay in the last few months.
It's very hard to predict the future but taking worst case scenario my hours may be reduced etc...
I heard sores about people which sign the contracts and either they lost their jobs or had less hours which resulted in mortgage blockage.
My solicitor is very good and she implemented contract clause on very beginning.
I would like a second opinion if the what we have is sufficient that in case my hours are reduced and bank refuses to give the money I will be able to get deposit back ?
I fully understand that I personally can not break the contract for a reason
.Thanks in advance for help
"
The Purchase has obtained a Loan Approval from "Bank name" to enable him to purchase the property. If the loan approval is conditional on a survey satisfactory to the lending institution or a Mortgage Protection or a Life Insurance Policy being taken out or the lending institution being satisfied at any time prior to draw down of the loan that its valuation of the property has not changed since the date of loan approval or some other condition, compliance with which is not within the control of the purchaser, the loan shall not be deemed to be approved until the purchaser is in a position to accept and draw down the loan on terms which are within his reasonable power or procurement. Further, if the Lending Institution raise Requisitions or impose conditions, compliance with which
is not within the control of the Purchaser or his Solicitor, the Purchaser shall be entitled to rescind his Contract and shall be entitled to a refund of their deposit without interest, cost or compensation.
"
